Blackbaud increases revenue by 4%

Staff Report
Published Oct. 30, 2013

Blackbaud Inc. announced today its total revenue of $127.9 million for the third quarter ended Sept. 30, up 4% from a year ago, according to its third quarter financial results.

The Daniel Island-based tech firm that provides software and services for nonprofits reported its diluted earnings per share were 21 cents for the third quarter, compared with 6 cents in the third quarter of 2012.

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Blackbaud announced today that its board of directors has approved a fourth-quarter dividend of 12 cents per share payable on Dec. 13 to stockholders of record on Nov. 27.

Blackbaud generated $40.5 million in cash flow from operations during the third quarter, returned $5.5 million to stockholders by way of dividend, invested $4.1 million in capital expenditures and capitalized software and reduced its debt balance by $21.8 million.

Blackbaud interim President, CEO and CFO Tony Boor said the company is working to improve its operational efficiencies, as it prepares for market changes.

“... We are beginning to increase investments in our product portfolio and go-to-market organization to ensure we are properly positioned to benefit from exciting shifts in the market, including SaaS, online fundraising and mobile,” Boor said in a news release.

SaaS is an acronym for “software as a service.”

GAAP income from operations and net income were $18 million and $9.4 million, respectively, compared with $6.2 million and $2.8 million, respectively, for the third quarter of 2012.

Blackbaud ended the third quarter with $16.7 million in cash, compared with $7.3 million on June 30.

“Blackbaud’s third-quarter results were highlighted by profitability that exceeded the high end of our guidance,” Boor said in a news release.  “Each of our business units delivered a solid performance in the third quarter, and we continue to see nonprofit organizations turning to Blackbaud and our broad suite of leading product offerings to help drive their fundraising initiatives.”

Blackbaud is traded on the Nasdaq under stock symbol BLKB. It provides cloud-based software products for fundraising, financial management and e-marketing services to schools, health care systems and nonprofits.

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